Adobe (NASDAQ:ADBE) Trading Down 0.6%

Adobe Inc. (NASDAQ:ADBE - Get Free Report) shares fell 0.6% during trading on Tuesday . The company traded as low as $469.31 and last traded at $470.45. 382,640 shares traded hands during trading, a decline of 89% from the average session volume of 3,453,517 shares. The stock had previously closed at $473.07.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ADBE shares. JPMorgan Chase & Co. cut their target price on shares of Adobe from $600.00 to $570.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. Oppenheimer reissued an "outperform" rating and issued a $660.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. TheStreet lowered shares of Adobe from a "b-" rating to a "c+" rating in a research report on Tuesday, March 19th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $630.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, Stifel Nicolaus reduced their price target on Adobe from $650.00 to $625.00 and set a "buy" rating on the stock in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $620.72.

Adobe Trading Down 2.2 %

The stock has a market capitalization of $207.35 billion, a PE ratio of 44.25, a PEG ratio of 2.59 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business's 50-day moving average is $512.29 and its two-hundred day moving average is $563.44.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts' consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion for the quarter, compared to analysts' expectations of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 earnings per share. The firm's quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its board has initiated a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company's stock, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company's stock, valued at $15,829,839. The disclosure for this sale can be found here. Over the last three months, insiders have sold 293 shares of company stock valued at $137,656. Corporate insiders own 0.15% of the company's stock.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Morgan Stanley lifted its stake in Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company's stock valued at $5,288,309,000 after buying an additional 277,484 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company's stock worth $3,876,309,000 after acquiring an additional 590,533 shares during the period. Norges Bank bought a new stake in Adobe in the 4th quarter valued at about $3,277,785,000. Northern Trust Corp boosted its stake in Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company's stock valued at $2,732,307,000 after purchasing an additional 202,136 shares during the period. Finally, Jennison Associates LLC grew its position in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company's stock worth $2,326,092,000 after purchasing an additional 498,957 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.